Dubai lagoon completion secured

Schon Properties has secured an investment of Dh339 million for the completion of Dubai Lagoon project.

The investment agreement was signed with Xanadu Real Estate Development LLC at the Lands Department on Monday June 2.

Simultaneously, an agreement between the developer and PGS Gulf Contracting Company was signed. This agreement awarded a construction contract Dh678 million to the contracting company for Dubai Lagoon project.

Danial H. Schon, Vice-President of Schon Properties, said, “This is a turning point for Dubai Lagoon project and we are pleased to tie-up with Xanadu Real Estate Development to complete construction of the project. The funds are being utilized for the completion of Dubai Lagoon project, which also includes the Juma Masjid located within the residential project. Schon-Xanadu have instructed PGS Gulf Contracting to enhance the finishing of the project by including the highest quality items. Given its location and quality construction, Dubai Lagoon is poised to be one of the best master development communities in Dubai.”

Speaking on behalf of Xanadu Real Estate Development, Adel A Al Breiki, Managing Director, said, “Xanadu is one of the few developers to have consistently delivered projects through the downturn of the real estate market. The prospects of the location are excellent, with the Expo site in close proximity and huge appreciation can be expected in coming years. We are excited to partner with Schon Properties to deliver this project.”

Speaking on behalf of PGS Gulf Contracting, Cenc Yabas stated, “Having a team of over 2,000 personnel on our site, we are more than equipped for this job. Deliveries are expected to commence starting from March 2016 until December 2016. Mobilisation works have commenced onsite. Construction prices have been covered through the contract with the developer. “

Present during the signing at the Land Department were Deputy CEO of Rera Yousef Al Hashimi, Emad Farouq, senior legal adviser of the Dubai Land Department, and Abdulrahman Al Yasi from the Trust Accounts Department. Representing Schon Properties was Danial H. Schon and Firas Hassan.Adel Albreiki, Managing Partner of Xanadu Real Estate Development and Cenc Yabas, Managing Partner of PGS Gulf Contracting, signed the construction contract.